Table of Contents October 2002

Special in this issue

125 State Personal Income: Revised Estimates for 1999-2001

The annual estimates of State personal income for 1999-2001 have been
revised to incorporate the results of the recent annual revision of
the NIPA's and newly available State-level source data. In general,
the revisions were small and upward for all 3 years; in contrast, the
NIPA estimate of personal income for 2001 had been revised down substantially.
The difference primarily reflected the timing of the incorporation of
Bureau of Labor Statistics tabulations of wages and salaries for 2001.
In 2001, personal income grew the fastest in New Mexico, and it grew
the slowest in Michigan.(PDF)

Regular features

1 Business Situation: Final Estimates for the Second Quarter of 2002

Real GDP slowed to a 1.3-percent increase in the second quarter of
2002, according to the "final" estimate, from a 5.0-percent
increase in the first quarter; the "preliminary" estimate
issued a month ago had shown a 1.1-percent increase. The primary contributor
to the upward revision to GDP was an upward revision to exports of services.
Corporate profits decreased $12.6 billion (1.6 percent at a quarterly
rate) in the second quarter after decreasing $13.8 billion (1.7 percent)
in the first.(PDF)(Tables
in XLS format)

39 U.S. International Transactions, Second Quarter 2002

The U.S. current-account deficit increased $17.5 billion, to $130.0
billion, in the second quarter of 2002. The increase was primarily accounted
for by an increase in the deficit on goods, as imports increased more
than exports. In the financial account, net recorded inflows decreased
$7.2 billion, to $80.4 billion. Financial outflows for U.S.-owned assets
abroad and financial inflows for foreign-owned assets in the United
States both increased substantially, but the increase in financial outflows
was larger.(PDF)
(The tables in this article may be viewed and downloaded interactively.)

67 U.S. International Services: Cross-Border
Trade in 2001 and Sales Through Affiliates in 2000

In 2001, U.S. exports of private services decreased 4 percent, to
$266.2 billion, and U.S. imports of private services decreased 5 percent,
to $192.3 billion. The decreases in both exports and imports reflected
the worldwide slowdown in economic growth and the effects of the terrorist
attacks of September 11th. In 2000, the most recent year for which data
are available, sales of private services abroad through foreign affiliates
of U.S. companies increased 11 percent, to $392.8 billion, and sales
of private services in the United States through U.S. affiliates of
foreign companies increased 18 percent, to $346.7 billion. These increases
reflected the strong worldwide economy in 2000 and the continued worldwide
boom in merger and acquisition activity.(The PDF file for this article is 3.3Mb. Due to its size, you can
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(Tables in XLS
format.)

Looking Ahead

Gross Domestic Product by Industry. An article that
presents new estimates of GDP by industry for 2001 and revised estimates
for 1999 and 2000 is scheduled to be published in the November issue
of the Survey . These estimates will incorporate the results
of this year's annual revision of the NIPA's and newly available source
data.